IN BRIEF

Consumers helped bring McDonald’s Corp. back to profitability in the second quarter by spending on breakfast biscuits, chicken sandwiches and drinks despite the tough economy in the United States.

McDonald’s earned $1.19 billion, or $1.04 a share, compared with a loss of $711 million, or 60 cents a share, a year earlier.

The Oak Brook, Ill.-based company said revenue rose 4 percent to $6.08 billion.

Analysts polled by Thomson Reuters Research had expected earnings of 86 cents a share on revenue of $5.92 billion.

TEMECULA, Calif.

Pechanga Resort will lay off 400 workers

The Pechanga Resort and Casino in Temecula plans to lay off about 400 of its 4,700 workers, blaming tough economic times.

The casino, the second-largest private employer in Riverside County, draws customers from across Southern California.

Amy Minniear, president of Pechanga Development Corp., on Tuesday called the layoffs “the most difficult decision” they have had to make since beginning operations.

Second-quarter loss slims for Pulte Homes

Pulte Homes said Wednesday its second-quarter loss narrowed from a year ago as the home builder booked fewer charges on land and unsold inventory despite a worsening housing market.

“The operating environment for home building continued to deteriorate during the second quarter of 2008,” Richard Dugas Jr., Pulte’s president and chief executive, said in a statement. “Buyer confidence remains under pressure, both from the weakness in housing as well as concerns about the overall economy.”

The Bloomfield Hills, Mich.-based company said it lost $158.4 million, or 63 cents per share, in the three months ended June 30. That compares with a loss of $507.6 million, or $2.01 per share, a year earlier.

Revenue fell 19.3 percent to $1.63 billion from $2.02 billion.

Analysts surveyed by Thomson Financial were expecting Pulte to post a loss of 69 cents per share on sales of $1.56 billion. The earnings estimates typically exclude one-time items.

NEW YORK

Costco warns profits will miss expectations

Costco Wholesale Corp., the largest U.S. warehouse-club chain, had the biggest drop in almost five years in Nasdaq trading after saying fourth-quarter profit would be “well below” analysts’ estimates because of energy costs.

Earnings for the quarter will miss the $1-a-share consensus estimate of analysts surveyed by First Call, Costco said Wednesday in a statement. Analysts polled by Bloomberg also predicted $1 profit, excluding one-time items. The chain said it had to pay more to buy gasoline for its stations and for transporting goods.

Costco shares fell $8.57, or 11.9 percent, to close at $63.43 on the Nasdaq National Market.

Nokia, Qualcomm sign licensing agreement

Nokia Oyj, the world’s biggest maker of wireless phones, and chipmaker Qualcomm signed a new licensing agreement, ending global litigation and resolving concerns about the future of Qualcomm’s licensing program.

The 15-year agreement covers different mobile-phone standards and resolves all litigation, including a Nokia complaint pending before the European Commission. Nokia will get a license to all of Qualcomm patents and agreed not to use any of its patents against Qualcomm, the companies said in a statement.

Amazon.com showed Wednesday that it wasn’t being hurt by economic weakness and high fuel prices, reporting second-quarter earnings that more than doubled and surpassed analysts’ expectations. The Internet retailer also raised its full-year revenue projections.

Amazon earned $158 million, or 37 cents per share, for the quarter ended June 30, up from $78 million, or 19 cents per share, a year earlier.

Analysts polled by Thomson Financial had expected earnings of 26 cents per share on $3.96 billion in revenue in the quarter.

NEW YORK

Treasury prices dip as trader optimism grows

Treasury prices fell for a second straight session Wednesday as investors grew increasingly optimistic about the ability of banks and brokerages to weather the credit crisis.

In late trading, the 10-year Treasury note fell 0.06 points to 98.6. Its yield rose to 4.12 percent from 4.10 percent on Tuesday, according to BGCantor Market Data. Yields move in the opposite direction as prices.

The 30-year long bond — typically the most sensitive to inflation worries — fell 0.28 points to 95.19. Its yield rose to 4.68 percent from 4.66 percent Tuesday.

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Business

Neon wraps can light up the night for advertising

Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist

Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.

Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1

Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)

Caesars Forum Meeting Center

Caesars broke ground Monday on its $375 million Caesars Forum Meeting Center (convention center) just east of the High Roller observation wheel. (Caesars Entertainment)

Technology reshapes the pawn shop industry

Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.

Recreational marijuana has been legal in Nevada for one year

Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)

Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)

LVCVA CEO Rossi Ralenkotter announces plans to retire

Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal

The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal

3 Mario Batali restaurants on Las Vegas Strip to close

Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.

Nevada has its first cybersecurity apprenticeship program

The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)

Las Vegas union members voting to authorize the right to strike

Thousands of Las Vegas union members voting Tuesday morning to authorize the right to strike. A “yes” vote would give the union negotiating committee the power to call a strike anytime after June 1 at the resorts that fail to reach an agreement. (Todd Prince/Las Vegas Review-Journal)

Small businesses struggle to find qualified candidates

A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal